Fortuna Mining has completed a feasibility study for its Diamba Sud gold project in Senegal, outlining an open-pit development with conventional carbon-in-leach processing and positioning the asset for potential production in 2028.
The study presents an economic case based on strong projected production and operating metrics. At a gold price assumption of US$3,500 per ounce, Fortuna reported an after-tax net present value (NPV5%) of US$1 billion, an internal rate of return (IRR) of 60% and a one-year payback period. Using a gold price of US$4,000 per ounce, the company said the project’s after-tax NPV5% increases to US$1.3 billion, while the IRR rises to 72%.
Open-pit development planned in Kédougou Region
The Diamba Sud project is planned as an open-pit gold mine using conventional carbon-in-leach (CIL) processing technology. Fortuna estimates average annual production of 158,000 ounces of gold during the first four years of operation. Over the planned 9.4-year mine life, average annual output is expected to reach 116,000 ounces.
The company forecasts all-in sustaining costs (AISC) of US$1,056 per ounce during the first four years and US$1,332 per ounce over the full life of mine. Total initial capital expenditure for the development is estimated at US$397.5 million.
Mining permit remains key development milestone
Despite the feasibility study completion, the project still requires additional approvals before construction can proceed. Fortuna said a final investment decision is expected following receipt of the mining permit. The company is targeting first gold production in the second quarter of 2028.
The company recently received the environmental decree from the Government of Senegal, allowing the project to advance toward the final investment decision stage once the mining permit process is completed.
Senegal project structure includes state ownership interest
Diamba Sud is located in southeastern Senegal’s Kédougou Region, close to the Senegal-Mali border. The project is operated by Boya S.A., an indirect wholly owned subsidiary of Fortuna Mining.
Following the granting of an exploitation permit, the State of Senegal is expected to receive a 10% free-carried ownership interest in the project. The ownership structure forms part of the project development framework as Fortuna moves toward permitting and potential construction.
Diamba Sud supports Fortuna production growth strategy
Fortuna said Diamba Sud, together with the Séguéla expansion, supports the company’s objective of increasing annual gold production by approximately 60% to more than 500,000 ounces in 2028.
The feasibility study provides the economic basis for advancing the Senegal project, while the next development stages depend on securing the mining permit, establishing the financing plan and progressing construction activities.
